Solana (blockchain platform)

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Solana
Solana logo.png
Icon of Solana
Denominations
Symbol◎
CodeSOL
Development
Original author(s)Anatoly Yakovenko, Greg Fitzgerald, Stephen Akridge,[1] Raj Gokal [2]
White paperhttps://whitepaper.io/coin/solana
Initial releaseApril 2019
Code repositoryhttps://github.com/solana-labs/solana
Development statusActive
Written inRust
Developer(s)Solana Labs & Solana Foundation
Source modelOpen source
LicenseApache 2.0
Websitehttps://solana.com/
Ledger
Block time400ms
Block explorerhttps://explorer.solana.com/
Circulating supply308,704,493.99 SOL (as 24th Dec 2021)
Valuation
Exchange rateUS$92 (February2022)
Market cap$42B (January 2022)

Solana is a public blockchain platform with smart contract functionality. Its native cryptocurrency is SOL. Solana claims to offer faster transaction times and lower costs than its main competitor, Ethereum.

History[]

In 2021, Bloomberg journalist Joanna Ossinger described Solana as "a potential long-term rival for Ethereum", citing superior transaction speeds and lower associated costs.[3][4]

On 14 September 2021, the Solana blockchain went offline after a surge of transactions caused the network to fork, and different validators had different views on the state of the network. The network was brought back online the next day on 15 September 2021.[5]

On 16 December 2021, former First Lady of the United States Melania Trump announced her plans to use Solana to launch a non-fungible token (NFT).[6] The Solana Foundation issued a press release to clarify that her choice of the platform was not officially "part of any Solana-led initiative."[7]

Design[]

Solana achieves consensus using a proof-of-stake mechanism, as well as a "proof-of-history" mechanism which Solana's whitepaper claims improves scalability without sacrificing decentralization and security.[8]

Solana can handle 710,000 transactions per second, which is faster than the Ethereum blockchain, but still less than the 400,000 transactions seen during the spike.[9] Oskar Solberg estimated the transaction fees to be $0.00025 per transaction, which is roughly 60,000 times lower than the fees of the transaction on the Ethereum blockchain.[10]

Like various other blockchains, Solana can run smart contracts. The execution environment is based on eBPF, which allows the Rust, C, and C++ programming languages to be used.[11]

On December 2nd, 2021, Solana had over $15B worth of value locked on its blockchain. [12]

See also[]

References[]

  1. ^ "History". Solana.com. Solana Foundation. Retrieved 10 February 2022.
  2. ^ "India Will Push Blockchain Platform Solana Get To 1 Bn Users: Cofounder Raj Gokal". Inc42 Media. 2021-09-18. Retrieved 2022-01-11.
  3. ^ Ossinger, Joanna (7 September 2021). "Solana's SOL Token Weathers the Crypto Tumble Sparked by Bitcoin". Bloomberg.com. Retrieved 2 December 2021.
  4. ^ Ossinger, Joanna (5 September 2021). "Ethereum Rival Solana Climbs to Seventh in Crypto Top 10". Bloomberg.com. Retrieved 2 December 2021.
  5. ^ Shumba, Camomile (15 September 2021). "Solana says it is back up and running after a surge in transactions caused the network to crash the day before". Business Insider. Retrieved 2 December 2021 – via Yahoo News.
  6. ^ Ballentine, Claire; Klimasinska, Kasia; Jacobs, Jennifer (16 December 2021). "Melania Trump Is Releasing an NFT That Will Cost 1 SOL Each". www.bloomberg.com. Retrieved 18 December 2021.
  7. ^ Riaz, Saleha (17 December 2021). "Solana and MoonPay distance themselves from Melania Trump NFT venture". Yahoo! Finance. Retrieved 18 December 2021. Meanwhile a Solana representative said that 'to avoid any confusion... her [Melania Trump] choice to use the Solana blockchain was completely organic and this project is not part of any Solana-led initiative.'
  8. ^ Locke, Taylor (2021-11-05). "Solana is up 12,000% this year—what to know before buying the Ethereum competitor". CNBC. Retrieved 2021-12-02.
  9. ^ Prabhjote, Gill (15 September 2021). "It's DeFi season and things got a little too hot to handle for Solana and Arbitrum One as transaction volumes ballooned". Business Insider India. Retrieved 2 December 2021.
  10. ^ "How Much Are Solana Fees? Current & Future Solana Transaction Fees". SOLBERG INVEST. 2021-06-17. Retrieved 2022-01-29.
  11. ^ "Overview | Solana Docs". docs.solana.com. Retrieved 2022-02-03.
  12. ^ "Total Value Locked". Defi Llama. Defi Llama. Retrieved 11 February 2022.

External links[]

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